Broadway Wealth Solutions Inc. Has $1.85 Million Holdings in Apple Inc. (NASDAQ:AAPL)

Broadway Wealth Solutions Inc. boosted its holdings in shares of Apple Inc. (NASDAQ:AAPL - Free Report) by 27.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,312 shares of the iPhone maker's stock after purchasing an additional 1,810 shares during the quarter. Apple makes up approximately 1.3% of Broadway Wealth Solutions Inc.'s holdings, making the stock its 12th largest holding. Broadway Wealth Solutions Inc.'s holdings in Apple were worth $1,846,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Norges Bank bought a new stake in shares of Apple in the 4th quarter valued at approximately $46,868,648,000. GAMMA Investing LLC increased its holdings in shares of Apple by 25,934.1% in the 1st quarter. GAMMA Investing LLC now owns 60,066,398 shares of the iPhone maker's stock valued at $133,425,490,000 after acquiring an additional 59,835,676 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Apple by 3.7% in the 4th quarter. Vanguard Group Inc. now owns 1,395,785,512 shares of the iPhone maker's stock valued at $349,532,608,000 after acquiring an additional 49,168,843 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Apple by 23,555.4% in the 4th quarter. Proficio Capital Partners LLC now owns 21,055,240 shares of the iPhone maker's stock valued at $5,272,653,000 after acquiring an additional 20,966,232 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in shares of Apple by 13.3% in the 4th quarter. Northern Trust Corp now owns 171,385,531 shares of the iPhone maker's stock valued at $42,918,365,000 after acquiring an additional 20,079,472 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AAPL shares. Morgan Stanley reiterated an "overweight" rating on shares of Apple in a report on Friday, June 13th. Evercore ISI boosted their price target on Apple to $250.00 and gave the company a "buy" rating in a report on Friday, June 6th. China Renaissance initiated coverage on Apple in a report on Tuesday, April 22nd. They issued a "buy" rating and a $241.00 price target for the company. Jefferies Financial Group upgraded Apple from an "underperform" rating to a "hold" rating and upped their price objective for the stock from $170.62 to $188.32 in a research note on Tuesday, July 1st. Finally, Bank of America restated a "buy" rating and set a $235.00 price objective on shares of Apple in a research note on Tuesday, June 10th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Apple has an average rating of "Moderate Buy" and an average target price of $234.95.

Insider Buying and Selling at Apple

In related news, CFO Kevan Parekh sold 4,570 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $206.00, for a total transaction of $941,420.00. Following the transaction, the chief financial officer directly owned 4,569 shares of the company's stock, valued at approximately $941,214. The trade was a 50.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Chris Kondo sold 4,486 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $208.19, for a total value of $933,940.34. Following the transaction, the insider directly owned 15,533 shares in the company, valued at $3,233,815.27. The trade was a 22.41% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.06% of the stock is currently owned by insiders.

Apple Trading Up 0.5%

Shares of NASDAQ AAPL traded up $1.13 during mid-day trading on Wednesday, hitting $211.14. 48,631,689 shares of the company traded hands, compared to its average volume of 53,497,198. Apple Inc. has a 1 year low of $169.21 and a 1 year high of $260.10. The stock has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 32.89, a PEG ratio of 2.34 and a beta of 1.20. The company has a quick ratio of 0.78, a current ratio of 0.82 and a debt-to-equity ratio of 1.18. The business has a 50 day moving average of $203.32 and a two-hundred day moving average of $218.08.

Apple (NASDAQ:AAPL - Get Free Report) last announced its earnings results on Thursday, May 1st. The iPhone maker reported $1.65 EPS for the quarter, beating the consensus estimate of $1.62 by $0.03. Apple had a return on equity of 167.24% and a net margin of 24.30%. The business had revenue of $95.36 billion during the quarter, compared to the consensus estimate of $94.04 billion. During the same period in the prior year, the business posted $1.53 earnings per share. Apple's revenue was up 5.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Apple Inc. will post 7.28 earnings per share for the current fiscal year.

Apple Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Monday, May 12th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 0.49%. This is an increase from Apple's previous quarterly dividend of $0.25. The ex-dividend date was Monday, May 12th. Apple's dividend payout ratio is currently 16.20%.

Apple declared that its board has authorized a stock repurchase plan on Thursday, May 1st that allows the company to buyback $100.00 billion in outstanding shares. This buyback authorization allows the iPhone maker to purchase up to 3.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.